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A "normal" yield curve would have a rising trend, where yields move up as we go out along a timeline from short-term to long-term instruments. Uncertainty had money chasing safety in Treasury instruments, which distorted yields across the board. Most of the safety was parked in short-term paper. When the safety play began to subside a couple of weeks ago and investors were more willing to venture into riskier assets, we saw rates on the two-year Treasury note quickly jump, approximately 20 basis points. This caused the yield curve to flatten, because the bulk of the safety play began coming out of the shorter maturities. If risk-aversion continues to subside (or if the S&Ps close above 1400), the longer maturities may follow and an increase in yields (decrease in prices) could out-pace the shorter end when the big money decides the safety game is over. The price bubble in longer-term Treasuries could deflate rapidly after most of the flight from safety is done on the short maturities.
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